a type of insurance against something that is certain to happen, especially someone's death, as opposed to something that might happen such as an accident or a fire:
• the Prudential Assurance Co. Ltd.
deˌcreasing ˈterm asˌsurance INSURANCE
an insurance agreement over a fixed period of time, in which the sum insured gets smaller each year:
• This type of mortgage is usually arranged in conjunction with decreasing term assurance.
enˈdowment asˌsurance INSURANCE
a type of assurance in which someone pays a regular amount to an insurance company, and in return the company agrees to pay a sum of money either on a particular date, or when someone dies, if this is sooner:
• Endowment assurance is a form of saving as your life will be covered for a fixed term.
ˈlife asˌsurance INSURANCE
insurance in which a company agrees to pay a sum of money when someone dies, or when the person reaches a particular age; = life insurance:
• The company specializes in selling life assurance products.
ˈterm asˌsurance INSURANCE
a type of life assurance in which someone pays a regular amount of money for a limited period of time. In return, the insurance company agrees to pay a sum of money if the person dies, but does not repay anything if the person does not die:
• Term assurance is not a form of saving, as you lose the premium money if you survive the term.
— see also quality assurance* * *
assurance UK US /əˈʃʊərəns/ noun [U] UK
► INSURANCE a type of insurance, especially life insurance, that will pay an amount of money at the end of an agreed period or when someone dies, rather than only if something unexpected happens: »
an assurance policy
► a promise that something is or behaves as expected: »
People often look to brands as an assurance of quality.
»Although the Fund will strive to achieve its goal, there is no assurance that it will.
→ See also DECREASING TERM ASSURANCE(Cf. ↑decreasing term assurance), ENDOWMENT ASSURANCE(Cf. ↑endowment assurance), LIFE INSURANCE(Cf. ↑life insurance), QUALITY ASSURANCE(Cf. ↑quality assurance), TERM ASSURANCE(Cf. ↑term assurance)
Financial and business terms. 2012.